Silver Prices Rise to US$21.16 per Troy Ounce (Thursday, November 10, 2022)

Silver prices rose in transactions on Thursday, November 10, 2022. Today's silver price traded at US$21.16 per troy ounce. This is higher than the previous day's trade, which was at US$21.1 per troy ounce. The current situation is similar to the previous price movements of silver, which is in an upward trend.

Over the past week, silver prices have grown by 8.01 percent, with an average daily transaction price of US$20.83 per troy ounce. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the silver price has decreased by -7.22 percent. From its highest price this year at US$26.89 per troy ounce, the silver price has fallen by 21.31 percent.

Annually, the average silver price trade over the past five years has been in an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decline. The highest average monthly price for silver was recorded in March 2022 at US$25.46 per troy ounce.

Silver is a type of non-corrosive metal, considered a precious metal with high market value. Although its price is still far below that of gold, silver is often favored as a raw material for various products, such as jewelry.

According to Statista, Mexico is the world's largest silver producer. Silver production in that country reached 178.1 million ounces in 2020.

Indonesia ranks 16th as the world's largest silver producer. Recorded silver production in Indonesia was 8.3 million ounces last year.